Saturday, 27 July 2024
According to our latest study on “Managed Network Services Market Forecast to 2030– COVID-19 Impact and Global Analysis – by Type, Deployment, Organization Size, and End-Use Vertical,” the managed network services market size is expected to reach US$ 143.4 billion by 2030 from US$ 60.9 billion in 2022, with an estimated CAGR of 11.5% from 2023 to 2030.
Digital transformation uses technologies to create new or modify existing business processes and customer experiences to meet the ever-changing business environment. Digital transformation has common goals, such as improving efficiency, adding value, and promoting innovation. As companies are increasingly adopting digital transformation to deliver better customer experiences and compete more effectively, there is a growing need for services that support such modernization of information technology (IT) within different enterprises. Additionally, while companies seek to adopt digital transformation, the availability of skilled personnel and the cost of retaining them become hindrances for most enterprises. Managed network service providers, often termed managed service providers (MSPs), strongly aid in overcoming such hindrances. Enterprises can easily avail of their digital transformation service without the requirement of managing or maintaining an IT department within their enterprise. Furthermore, while enterprises are willing to adopt digital transformation, they face a challenge in integrating their legacy systems with technologically advanced newer technology. Either the required skill of the in-house IT team is inadequate, or integration cost becomes higher than expected. By partnering up with an MSP, all such challenges are easily transferred to the MSP without requiring additional investment in the workforce or infrastructure. Hence, the rising adoption of digital transformation is strongly aiding the managed network services market growth
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The managed network services market is segmented on the basis of type, deployment, organization size, and end-use vertical. Based on type, the managed network services market is segmented into managed LAN, managed network security, managed monitoring, managed VPN, managed WAN, and managed Wi-Fi. By deployment, the managed network services market is bifurcated into cloud and on-premise. In terms of organization size, the managed network services market is bifurcated into large enterprise and SMEs. Based on end-use vertical, the managed network services market is categorized into BFSI, government, IT & telecommunication, manufacturing, media & entertainment, retail & e-commerce, and others. Geographically, the managed network services market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
The COVID-19 outbreak disrupted various industry verticals such as automotive, manufacturing, energy & power, aerospace & defense, and construction in 2020. Implementing containment measures such as trade bans, travel restrictions, and workforce limitations at workplaces negatively impacted various businesses' manufacturing, supply, and sales. Such disruptions promoted work-from-anywhere trends and digital transformation adoption across the world, positively impacting the managed network services market size. Almost 95% of enterprises increased real-time application traffic on their WANs during the pandemic, as many workers shifted to video, voice, and online meetings to compensate for the lack of traditional face time. Also, 60% of the enterprises accelerated their SD-WAN plans during the pandemic, with 59% expanding the scope of their SD-WAN plans by adding more sites. Not all network traffic is created equally; with the help of a centralized controller and the ability to securely and intelligently direct traffic across the WAN, SD-WAN has remained highly popular among enterprises. The adoption of managed network services has started to increase since then. With growing vaccination drives, businesses have started to return to their pre-pandemic state. Also, they are mostly enjoying the steps taken during the pandemic, with regards to IT infrastructure. Thus, the COVID-19 pandemic has positively influenced the managed network services market growth, thereby aiding the managed network services market size.
Accenture; Cisco Systems, Inc.; Cognizant; Fujitsu Limited; Huawei Technologies Co., Ltd.; Kyndryl Holdings, Inc.; NTT Limited; Tata Consultancy Services Limited; Verizon; and HCL Technologies are among the key players operating in the managed network services market.
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